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MasterCard introduces mobile wallet

May 9, 2012

MasterCard is hoping to take advantage of a growing market with the introduction of a new mobile payment system, according to a recent release.

MasterCard is hoping to take advantage of a growing market with the introduction of a new mobile payment system, according to a recent release.

Through its PayPass Wallet Services, the second largest payment processor in the world is hoping that both consumers and merchants sign up. While other firms such as Visa and PayPal have rolled out systems of their own, MasterCard is working with financial institutions to offer the merchant services option to consumers.

The leadership at MasterCard said what set its product apart is flexibility.

“Our strategy isn’t to go with a single wallet,” said Ed Olebe, senior vice president of MasterCard’s e-commerce product development.

“Our strategy is a network of wallets that interconnect. We’re trying to enable differentiation and wallet competition so consumers can get better products, without adding complexity to merchants and consumers without an additional checkout button,” Olebe added.

For its part,the industry leader, Visa rolled out a new mobile credit card payment system, V.me. The products will be introduced in France, the United Kingdom and Spain and could mean added profits.

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